Well diamonds actually have a ton of useful properties -- beyond just being pretty to look at -- but that doesn't actually justify the price per se. The proble

Well diamonds actually have a ton of useful properties -- beyond just being pretty to look at -- but that doesn't actually justify the price per se. The problem with Gold is also it's virtue: it's rare. Rarity is good in that it implies value. But let's say you're the American economy and you're growing 2% this year. Should your money supply be governed by how much of it you can dig out of the ground? That is, for example, when South African gold mines were discovered the money supply internationally radically increased, despite having no relationship to economic output. That ends up not working out very well. Bitcoin though could be thought of more like gold and diamonds not because those things are good to think of as currencies -- they really are not good currencies at all-- but because their all commodities with limited supplies that have markets that move on vagaries with little relationship to any economic necessity or output.